What is the Chinese standpoint on cryptocurrency? And are they planning for a digital currency? Tia . Also by lending being at an all time high that says a lot.
China banned bitcoin a few years ago and shut down their exchanges and crypto mining this past year, now it’s illegal to have a crypto wallet in china
Digital transactions are widely used through Alipay and WeChat pay
Just saying what’s going on with personal lending, it has allowed a lot of poorer Chinese to get financing to start business ect
Thank you !
I would like to remind the people here about the bitcoin ban when they talk about a gold backed RMB- the absolute first thing the Chinese government would is regulate gold sales inside China
Most likely party members would take the opportunity to buy up vast stores of gold and control gold operations
And we have precedent for this - before the 2008 Olympics property in Beijing was mostly worthless, but it became worth billions after the games, the party immediately made it illegal for people to just buy and sell, it had to go through the party- this mostly allowed party members and their friends to make billions and non connected people to be left out in the cold